Explain the different types of taxes Americans pay. How does the federal government get money? How about the state government? And how do local (city) governments get money? Make a chart and track all of the different ways Americans are taxed. Hint - there is more than one!
Federal Taxes:
Payroll Tax: Collected from wages and salaries only
Income Tax: Collected from wages, salaries, interest from bank accounts, rents, royalties and dividends
Corporate Income Tax: Collected from a corporations net income
Excise Tax: Collected from sales of items
Estate Tax: Collected from a deceased person’s estate
Gift Tax: Collected during the transfer of property between living people
State Taxes:
General Sale Tax: Collected mostly from general sales
Excise Tax: Collected from sales of items such as tobacco, alcoholic beverages and gasoline
Estate Tax: Collected from a deceased person’s estate
Inheritance Tax: Collected from a person after they have inherited something from a deceased person
City/Local Taxes:
Property Tax: Collected from financial and real assets, this includes, stocks, bonds, houses, cars and artwork
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